Monday 29th June 2020
Rising infection rates in US southern states hit equities hard on Friday. NAB’s Tapas Strickland says the expectation was that the economy would bounce back as consumer restrictions were eased, but the reimposition of some of those measures has dented confidence. It means COVID-19 data will continue to be watched closely. The results of the Fed’s stress test also hit banking stocks, as share buybacks were prohibited and dividends capped. This week much of the focus will be on jobs numbers, with ABS payrolls data tomorrow and non-farm payrolls for the US at the end of the week. Lawmakers also meet in China to discuss the implementation of the National Security Law, which could see increased tensions with the US over the next few days.